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January 2020 ANDREW METRICK Yale School Of January 2020 ANDREW METRICK Yale School of Management 165 Whitney Avenue, New Haven CT 06520 (203) 432-3069 [email protected] EDUCATION Yale University 1985 – 1989 B.A., Economics and Mathematics, May 1989 M.A., Economics, May 1989 Harvard University 1989 – 1994 A.M., Economics, November 1991 Ph.D., Economics, March 1994 ACADEMIC EMPLOYMENT Harvard University, Faculty of Arts and Sciences 1994 – 1998 Assistant Professor of Economics 1998 – 1999 Associate Professor of Economics University of Pennsylvania, The Wharton School 1999 – 2003 Assistant Professor of Finance 2003 – 2007 Associate Professor of Finance (Tenured) Yale University, School of Management 2008 – 2011 Professor of Finance 2009 – 2011 Theodore Nierenberg Professor of Corporate Governance 2010 – 2016 Deputy Dean 2011 – 2018 Michael H. Jordan Professor of Finance and Management 2013 – Director, Yale Program on Financial Stability 2017 – Faculty Director, Masters in Systemic Risk program 2018 – Janet L. Yellen Professor of Finance and Management OTHER FULL-TIME EMPLOYMENT Executive Office of the President, Council of Economic Advisers, Washington, D.C. 2009 – 2010 (August-July) Senior Economist 2009, Chief Economist 2010 OTHER PROFESSIONAL AFFILIATIONS National Bureau of Economic Research, Faculty Research Fellow, 1998 – 2009; Research Associate, 2009 – American Finance Association, Director 2014 – 2016 Financial Management Association International, Vice President: Financial Education 2016 – 2018 1 PUBLICATIONS Books 2007 Venture Capital and the Finance of Innovation, John Wiley & Sons, First Edition. 2010 Second Edition (with Ayako Yasuda). Supplementary electronic resources at vcvtools.com Research Articles 1994 “Fictitious Play in 2x2 Games: A Geometric Proof of Convergence” (with Ben Polak), Economic Theory 4, November, 923-933. 1995 “A Natural Experiment in ‘Jeopardy!’”, American Economic Review 85(1), March, 240-253. 1996 “Patterns of Behavior in Endangered Species Preservation” (with Martin L. Weitzman), Land Economics 72(1), February, 1-16. 1996 “March Madness? Strategic Behavior in NCAA Basketball Tournament Betting Pools”, Journal of Economic Behavior and Organization 30, August, 159-172. 1997 “Irreversible Investment and Strategic Interaction” (with Antonio Fatás), Economica 64, February, 31-47. 1998 “Conflicts and Choices in Biodiversity Preservation” (with Martin L. Weitzman), The Journal of Economic Perspectives 12(3), Summer, 21-34. 1998 “Price Versus Quantity: Market Clearing Mechanisms when Consumers are Uncertain about Quality” (with Richard Zeckhauser), The Journal of Risk and Uncertainty 17(3), December, 215-242. 1999 “Performance Evaluation with Transactions Data: The Stock Selection of Investment Newsletters”, The Journal of Finance 54(5), October, 1743-1775. 2001 “Institutional Investors and Equity Prices” (with Paul A. Gompers), The Quarterly Journal of Economics 116(1), February, 229-259. 2001 “Should Investors Avoid All Actively-Managed Mutual Funds? A Study in Bayesian Performance Evaluation” (with Klaas Baks and Jessica Wachter), The Journal of Finance 56(1), February, 45-86. 2001 “DEMES: Database on the Economics and Management of Endangered Species” (with David W. Cash, JR DeShazo, Todd Schatzki, Stuart Shapiro, and Martin L. Weitzman) , in Protecting Endangered Species in the United States, Jason F. Shogren and John Tschirhart, eds., Chapter 19, 374-380, Cambridge University Press. 2002 “How Does the Internet Affect Trading? Evidence from Investor Behavior in 401(k) Plans” (with James J. Choi and David Laibson), Journal of Financial Economics 64(3), June, 397-421. 2 2002 “Defined Contribution Pensions: Plan Rules, Participant Decisions, and the Path of Least Resistance” (with James J. Choi, David Laibson, and Brigitte C. Madrian), in Tax Policy and the Economy, James Poterba, ed., 67-113, Volume 16, MIT Press. 2003 “Corporate Governance and Equity Prices” (with Paul A. Gompers and Joy L. Ishii), The Quarterly Journal of Economics 118(1), February, 107-155. 2003 “Estimating the Returns to Insider Trading: A Performance-Evaluation Perspective” (with Leslie A. Jeng and Richard Zeckhauser), The Review of Economics and Statistics, May, 453-471. 2003 “Optimal Defaults” (with James J. Choi, David Laibson, and Brigitte C. Madrian), American Economic Review: Papers and Proceedings, 93(2), May, 180-185. 2004 “For Better or For Worse: Default Effects and 401(k) Savings Behavior” (with James J. Choi, David Laibson, and Brigitte C. Madrian), in Perspectives in the Economics of Aging, David Wise, ed., 81-126, University of Chicago Press. 2004 “Employees’ Investment Decisions about Company Stock”, (with James J. Choi, David Laibson, and Brigitte C. Madrian), in Pension Design and Structure: New Lessons from Behavioral Finance, Olivia S. Mitchell and Stephen P. Utkus, eds., 121-136, Oxford University Press. 2005 “Passive Decisions and Potent Defaults” (with James J. Choi, David Laibson, and Brigitte C. Madrian), Analyses in the Economics of Aging, David Wise, ed., 59-78, University of Chicago Press. 2006 “Large Blocks of Stock: Prevalence, Size, and Measurement” (with Jennifer Dlugosz, Rüdiger Fahlenbrach, and Paul A. Gompers), Journal of Corporate Finance 12(3), June, 594-618. 2006 “Saving for Retirement on the Path of Least Resistance” (with James J. Choi, David Laibson, and Brigitte C. Madrian), Behavioral Public Finance: Toward a New Agenda, Ed McCaffrey and Joel Slemrod, eds., 304-351, Russell Sage. 2009 “Optimal Defaults and Active Decisions”, (with Gabriel D. Carroll, James J. Choi, David Laibson, and Brigitte C. Madrian), The Quarterly Journal of Economics 124(4), November, 1639-1674. 2009 “Reinforcement Learning and Savings Behavior” (with James J. Choi, David Laibson, and Brigitte C. Madrian), The Journal of Finance 64(6), December, 2515-2534. 2010 “Extreme Governance: An Analysis of Dual-Class Companies in the United States”, (with Paul A. Gompers and Joy L. Ishii), The Review of Financial Studies 23(3), March, 1051-1088. 2010 “The Economics of Private Equity Funds” (with Ayako Yasuda), The Review of Financial Studies 23(6), June, 2303-2341. 2010 “Haircuts” (with Gary Gorton), Federal Reserve Bank of St. Louis Review 92(6), 3 November/December, 507-519. 2010 “Regulating the Shadow Banking System” (with Gary Gorton), Brookings Papers on Economic Activity 2010(2), Fall, 261-297. 2011 “Venture Capital and other Private Equity: a Survey” (with Ayako Yasuda), European Financial Management 17, 619-654. 2012 “Getting up to Speed on the Financial Crisis: A One-Weekend-Reader’s Guide” (with Gary Gorton), Journal of Economic Literature, 50(1), March, 128-150. 2012 “The Safe-Asset Share” (with Gary Gorton and Stefan Lewellen), American Economic Review: Papers and Proceedings, 102(3), May, 101-106. 2012 “Securitized Banking and the Run on Repo” (with Gary Gorton), Journal of Financial Economics, 104(3), 425-451. 2012 “A Model of Private Equity Fund Compensation” (with Wonho Wilson Choi and Ayako Yasuda), in Global Macro Economy and Finance, F. Allen, M. Aoki, N. Kiyotaki, R. Gordon, and J. Stiglitz, eds., International Economic Association, Proceedings of the Sixteenth World Congress, Vol. III, 271-286, Palgrave Macmillan. 2013 “A Revealed Preference Ranking of U.S. Colleges and Universities” (with Christopher Avery, Mark E. Glickman, and Caroline Hoxby), The Quarterly Journal of Economics, 128(1), February, 425-467. 2013 “Securitization” (with Gary Gorton), Handbook of the Economics of Finance, Volume 2A, George Constantinides, Milton Harris, and Rene Stulz eds., 1-70, Elsevier. 2013 “The Federal Reserve and Panic Prevention: The Roles of Financial Regulation and Lender of Last Resort” (with Gary Gorton), The Journal of Economic Perspectives 27(4), Fall, 45-64. 2018 “Regulatory Reform” (with June Rhee), Annual Review of Financial Economics 10, 153-172. Publications in the Journal of Financial Crises The Journal of Financial Crises serves as the in-house publication of record for research done by the team at the Yale Program on Financial Stability. These publications go to external reviewers for comments and fact-checking, but do not have a traditional refereeing process. I serve as the Executive Editor of the journal. For more information, please visit https://elischolar.library.yale.edu/journal-of-financial-crises/ 2019 “The Lehman Brothers Bankruptcy A: Overview” (with Rosalind Z. Wiggins and Thomas Piontek), Journal of Financial Crises 1(1), 39-62. 2019 “The Lehman Brothers Bankruptcy B: Risk Limits and Stress Tests” (with Rosalind Z. Wiggins), Journal of Financial Crises 1(1), 63-79. 4 2019 “The Lehman Brothers Bankruptcy C: Managing the Balance Sheet Through the Use of Repo 105” (with Rosalind Z. Wiggins), Journal of Financial Crises 1(1), 80-99. 2019 “The Lehman Brothers Bankruptcy D: The Role of Ernst & Young” (with Rosalind Z. Wiggins and Rosalind L. Bennett), Journal of Financial Crises 1(1), 100-123. 2019 “The Lehman Brothers Bankruptcy E: The Effect on Lehman’s U.S. Broker-Dealer” (with Rosalind Z. Wiggins), Journal of Financial Crises 1(1), 124-137. 2019 “The Lehman Brothers Bankruptcy F: Introduction to the ISDA Master Agreement” (with Christian McNamara), Journal of Financial Crises 1(1), 137-150. 2019 “The Lehman Brothers Bankruptcy G: The Special Case of Derivatives” (with Rosalind Z. Wiggins), Journal of Financial Crises 1(1), 151-171. 2019 “The Lehman Brothers Bankruptcy H: The Global Contagion” (with Rosalind Z. Wiggins), Journal of Financial Crises 1(1), 172-199. 2019 “JPMorgan Chase London Whale A: Risky Business” (with
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